2024

Jerome Powell

Klaytn

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Layer-1 blockchains Klaytn and Finschia have received approval from their governance members to merge. 
The merger aims to create a web3 ecosystem in Asia, involving over 45 companies, 420 decentralized applications (<a href="https://crypto.news/glossary/decentralized-applications-dapps/" data-type="link" data-id="https://crypto.news/glossary/decentralized-applications-dapps/">dApps</a>) and services, and over 250 million wallet users. 
<a href="https://www.finschia.io/disclosure/detail/403/" data-type="link" data-id="https://www.finschia.io/disclosure/detail/403/" target="_blank" rel="noopener">Announced</a> Thursday, the merger includes strategic expansion in Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi. 
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 You might also like: <a href="https://crypto.news/jerome-powell-stablecoin-regulatory-framework/"> Jerome Powell urges for stablecoin regulatory framework </a> 
A new foundation will be established in Abu Dhabi to oversee the integration, with leadership comprising equal representation from Klaytn (<a href="https://crypto.news/price/klaytn/" data-type="link" data-id="https://crypto.news/price/klaytn/">KLAY</a>) and Finschia. The merged blockchain mainnet will support Ethereum Virtual Machine and CosmWasm. 
The integration process includes merging tokens and governance by the second quarter of this year, introducing a new native token. 
Approximately 22.9% of the existing token issuance, valued at $384 million, will be burned, and all non-circulating tokens will be eliminated. 
The partnership also plans to launch a <a href="https://crypto.news/tag/stablecoin/" data-type="link" data-id="https://crypto.news/tag/stablecoin/">stablecoin</a>, develop decentralized finance solutions, and create a blockchain adoption infrastructure for web2 companies. 
 Read more: <a href="https://crypto.news/klaytn-finschia-propose-merger-to-create-join-ecosystem/"> Klaytn, Finschia propose merger to create join ecosystem </a>

Klaytn, Finschia merge for web3 expansion in Asia

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